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Uk-based Group To Investment $245 Million In 100 Nigerian Businesses

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Sani Ibrahim
Abubakar Tafawa Balewa,University
Agricultural economics and extension
100Level, Nigeria.
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A UK-based development finance institution, CDC Group, has
finalized plans to invest US$425 million as an aid to 100
businesses and 38,000 jobs in Nigeria.
This is sequel to its partnership with 40 investment funds such
as Afreximbank, African Capital Alliance and Indoram, NAN
reports
In a virtual visit to the country by the board of the organization
led by Chief Executive, Nick O’Donohoe and Chairman,
Graham Wrigley, the UK Government-funded organization
stated that all earnings from its investments are ploughed
back to improve the lives of millions of people in Africa and
South Asia.
CDC Group noted that it paid a virtual visit to the Vice
President of Nigeria, Prof. Yemi Osinbajo, and British High
Commissioner to Nigeria, Catriona Laing, to discuss and
ascertain the impact of CDC’s aid to its investees through the
COVID-19 crisis and understand how to stimulate recovery
and growth.
The discussions also focused on CDC’s own response to the
pandemic through its preserved, strengthen and rebuild
programme, the statement said
Commenting on the rationale of the aid, the Chief Executive of
the CDC Group, Nick O’Donohe said that, “Nigeria plays a key
part in our strategy of partnership and investment for economic
growth in West Africa. “Hosting our 2020 board trip– albeit
virtually – in both markets is a testament to our commitment.
“Looking forward, we will continue to prioritise the post-
COVID-19 recovery as part of the Build Back Better agenda.
“We are committed to supporting a deeper and more strategic
bilateral partnership between the UK and Nigeria that is based
on enhancing economic development, job creation, inclusion,
trade and investment,” O’Donohoe further remarked.
In a glowing tribute and commendation to the group, British
High Commissioner to Nigeria, Catriona Laing CBE said CDC
has been pivotal to creating jobs and supporting the growth of
businesses by investing in the poorest countries across Africa,
including Nigeria.
“CDC’s commitment to the country signals to other UK investors
that investing in Nigeria is possible and should be prioritized in
order to help Nigeria and indeed, Africa, mitigate the impact of
COVID-19,” the envoy said.

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